We look forward to speaking with you today and helping you buy a home with a reverse mortgage - using the HECM for Purchase loan program. Our QuickQuote does not require a credit inquiry and may be modified to reflect your specific goals, we'll help with the calculations allowing you to make an informed choice. If you are looking for Reverse Mortgage education material and information, we'll help with that too.
What is a HECM for Purchase?
A Home Equity Conversion Mortgage (HECM) for Purchase is a Reverse Mortgage which allows borrowers, age 62 or older, to purchase a new principal residence using loan proceeds from the Reverse Mortgage.
Who is Best Suited to Utilize HECM for Purchase?
HECM for Purchase is best for those who are age 62+ and:
- Ready to downsize, upsize, move closer to family, move to a low-maintenance community, a more convenient neighborhood, or finally buy their “dream house”—and don’t want to take on a required monthly mortgage payment.
- Live on a fixed income.
- Concerned about being able to afford a new home via a cash purchase or traditional financing; and/or want to avoid tapping into their retirement nest egg.
- Your current home no longer fits your lifestyle and physical needs — the washer and dryer are on the wrong floor; the yard requires too much work; you need or prefer a one-floor living situation. You need a better fit.
- Wish to increase your purchasing power to buy the home you really want, with the amenities you need.
- Wish to preserve some of your cash proceeds from the sale of your home for cash reserves or other retirement savings.
If you want to find out more information about a HECM for Purchase, please fill out the Quote Form or give us a call today at 970-222-0816.